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Bitcoin - Virtual Currencies and the future of Cash

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Bitcoin is “as good as useless” and has no future as a tradeable currency says Emil Oldenburg, the co-founder and CTO of bitcoin.com, one of the world’s largest bitcoin websites.

http://www.businessinsider.sg/the-swedish-co-founder-of-bitcoin-com-has-sold-all-his-bitcoins/

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38 minutes ago, Jollygoodfellow said:

Bitcoin is “as good as useless” and has no future as a tradeable currency says Emil Oldenburg, the co-founder and CTO of bitcoin.com, one of the world’s largest bitcoin websites.

http://www.businessinsider.sg/the-swedish-co-founder-of-bitcoin-com-has-sold-all-his-bitcoins/

This is related to a split, technical term fork, which occurred in the bitcoin community last August when agreement could not be reached on the future direction of bitcoin to resolve the scaling issue. Bitcoin split into two, one considered the original by many often referred to as "bitcoin core" and the other one referred to now as "bitcoin cash". Bitcoin core implemented a new technology called segregated witness which was supposed to help deal with the scaling issues. Bitcoin cash increased the block size used to store data from 1MB each 10 minutes to up to 8MB per 10 minutes to help scale the number of transactions which can be done per second. The bitcoin.com website is associated more with those who favor bitcoin cash and the bitcoin.org website is associated with those who prefer bitcoin core with segregated witness. With that background, this quote is referring to "bitcoin core". In the last week bitcoin core price has declined 20% and bitcoin cash price has more than doubled.

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On 12/20/2017 at 7:22 AM, earthdome said:

I don't think the tech bitcoin was introduced with is obsolete. Improvements have been made over its 9 year life and can be made in the future if consensus can be reached between miners/users/developers. There are some of the coins which are alternatives to bitcoin (alt coins) which have introduced improved technology and features. Some of them are starting to gain wider adoption and recognition. But bitcoin has the first to market advantage which is a great deal for another coin to overcome. Though I could be wrong. We are still very early in the adoption of this new technology and things can change rapidly. Plus there is no requirement that there be only one coin. There very well could be dozens of different coins which are successful in the long term as they present different value propositions and features than bitcoin.

I have more capital invested in my alt coin portfolio than in bitcoin itself. And it has done very well the last week. Actually that capital investment is all profits, my original investment plus some extra are in cash now.

I've been following the space for a while, and am even speculating a bit myself. But clearly, there's a lot to learn. I'll be at a big crypto conference in SF next month, maybe I glean some glimmers of where this is really going. But I really feel Bitcoin isn't the way to go. And, long term, I have concerns about the underlying cryptography. The past few days, founders have been cashing out and moving on. It may be time to sell. Others have already mentioned some shortcomings here. 

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2 hours ago, Reboot said:

I've been following the space for a while, and am even speculating a bit myself. But clearly, there's a lot to learn. I'll be at a big crypto conference in SF next month, maybe I glean some glimmers of where this is really going. But I really feel Bitcoin isn't the way to go. And, long term, I have concerns about the underlying cryptography. The past few days, founders have been cashing out and moving on. It may be time to sell. Others have already mentioned some shortcomings here. 

Same with me, I first heard of bitcoin back in 2010 and have been following crypto space closely since 2013. Things have accelerated so fast in the last year or two that you can not keep up anymore with everything that is going on.

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BTC getting smashed pretty hard. Coinbase site unresponsive.

Edited by Reboot

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9 hours ago, Reboot said:

BTC getting smashed pretty hard. Coinbase site unresponsive.

Yeah, crypto coin exchanges have been having a hard time scaling up to meet demand. Almost all the crypto coins are in the midst of a big downward correction after the huge bull market the last few months. Fortunately I had sold about 25% of my holdings as the coins approached their recent peak and have been able to buy back in at much lower prices. Looks like the short bull market has wrung out the weak hands and provided another buying opportunity. A major sell off to capture profits is to be expected when there has been such an exponential bull run. Looks like the markets are starting to stabilize at a 30-40% correction. But still way above where they were just a month ago.

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The Philippine Central Bank Considers Regulation Standards for Bitcoin

The Philippine central bank, Bangko Sentral ng Pilipinas (BSP) and the country’s regulators are planning to create regulatory standards for digital assets like bitcoin. This week the BSP Deputy Governor, Chuchi Fonacier, said the bank is working with the Securities and Exchange Commission in order to create regulatory guidelines for Philippine businesses and exchanges who deal with cryptocurrencies.

https://news.bitcoin.com/the-philippines-central-bank-considers-regulation-standards-for-bitcoin/

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On 12/15/2017 at 7:38 AM, Happyhorn52 said:

If your bitcoin account suddenly disappears who helps you get your money back?

 

If your cash suddenly disappears, who helps you get your money back?

By the way, the bitcoin network does not allow holdings to "suddenly disappear" try to read up on it. It's a lot more secure than your gut feeling. I was shocked at how secure it is.

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Do you have the address of the bitcoin network?

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